The board of Hungarian electricity distributor Demasz Nyrt has unanimously voted in favor of EDF's proposed acquisition of the company.
Demasz’ board of directors gave six affirmative votes recommending EDF’s public purchase offer for additional shares in the company, which supplies electricity to around 750,000 customers, both business and residential, in South Hungary.
The French power firm already owns over 60% of Demasz but wishes to increase its stake.
EDF made its bid to purchase the outstanding shares of Demasz at the end of August 2006, with a cash offer of HUF20,000 per share.